oil embargo

oil embargo

Congressman to Introduce Bill to Lift U.S. Oil Export Ban

1w ago
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U.S. Representative Joe Barton will introduce a bill on Tuesday to lift the 40-year ban on exports of crude oil, but the measure has almost no chance of passing due to lawmaker concerns about fuel prices and costs to refiners. An aide said that Barton, a Republican from Texas, will introduce a bill to lift the export ban Congress passed in the 1970s after the Arab oil embargo led to fears of fuel shortages. Barton, a member of the committee, believes lifting the ban would spark the economy, create hundreds of thousands of jobs and help lower gasoline prices. The bill would also require the Department of Energy to report to Congress on the appropriate size and composition of the Strategic Petroleum Reserve. http://feeds.reuters.com/~r/Reuters/PoliticsNews/~3/nsqS3ypViuE/story01.htm http://www.wochit.com